The turbulent economy and changing consumer habits have continued to pose a challenge for SMEs. As a result, some businesses are wary of making moves towards growth. Going for growth is a brave decision, but now could actually be the right time to do it.
If you’re a small business owner looking for clever and strategic ways to grow your business, here are our top 5 tips for achieving sustainable growth in 2024 and beyond.
Expanding your product or service offerings
Launching a new product or service offering can work wonders for your business and result in an increase in sales. One option is to create new products for existing customers; another is to offer your existing product to new customers. The latter could include rebranding to attract a different demographic. This could involve finding a new angle for your existing products that might appeal to another audience. Creating a strong PPC advertising campaign to highlight these benefits can help you attract the attention of your new target audience.
Entering new markets
Entering into a new market is a strategic process that requires careful planning and execution. Whether branching out into a completely new region or targeting a completely new demographic, research is key. Look carefully at existing use in your target market, with early user testing to get the development right. It’s often a good idea to roll out your product into a new market slowly, to test the waters before going forward with a full launch into a new market. Here are a few steps to getting the process started:
- Start with market research to identify target markets
Evaluate demand and understand local factors
Begin tailoring your offerings to suit the needs of your new market
Building strategic partnerships
A partnership is all about teaming up with other businesses or collaborators to leverage each other’s audiences. It’s essential that both partners share the same ethics and values or you could risk harming your reputation by association. Determine common objectives, identify your shared goals and define target audiences before doing business with your new partnership.
To save time, cut costs and allow for more growth, it’s a good idea to outsource parts of your business. This could be accounts, website management, marketing or any other activity that you are not an expert in. By hiring a dedicated account manager or web design agency for example, you will have more time to spend on your core business.
Establish or solidify your digital presence
Small businesses are able to compete with large companies online through harnessing the power of social media. By using social media platforms to create content and engage with a wider audience, you will create brand awareness and increase exposure to your business. You are also able to learn more about your audience, their interests and feedback.
If you already have a digital presence, you can use your social media profiles to generate interest in your new product or different target audience, or create a new dedicated website for it to access a new market. With a digital storefront and social media profiles, you’ll also be able to use tools like Search Engine Optimisation (SEO) and targeting advertising for greater outreach.
Grow your business with a professional website
A website is an integral cog in your business. It works for you while you sleep so your brand can be visible to your audience at any time. So, before you branch out into new markets or start building strategic partnerships, make sure that you have a well-designed, fast and on-brand website. This will not only make your business more appealing to potential customers, but also to potential new business partners and influencers.
Get in touch with us for web design advice and enter 2024 with a website that will grow with your business.